Blog: Market Report

Pierce County’s January figures show the lowest year-over-year price gain in over three years, while prices actually dropped in King County, leading some to wonder if the market has peaked. Inventory continues to be higher than a year ago, but supply is still tight. Buyers are attracted by lower interest rates, but housing affordability is still a concern, especially for first- time buyers.

At month end, there were 1,623 active listings in the MLS database, 105 less than December’s 1,728 inventory, and 19% more than 1,360 homes and condos listed a year ago. MLS brokers added 1,245 new listings to inventory during January, 565 (83%) more than last month, and 12 more than last January.

Pierce County MLS members reported 895 closed sales during January. This is 21% lower than last month’s 1,134closed sales, and 103 (10%) less than 998 completed transactions in January a year ago.

The median price for January’s closed sales of single family homes and condominiums (combined) was $326,950. This is up 6.4% from the January 2018 figure of $307,250. The average time on market for properties that sold was 50 days, compared to 47 days last month and 47 days this month last year. Pierce County has a 1.8 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

2018 is being described as a transition year with some balancing of the market, although it is still seller-leaning due to lack of housing inventory for a job-expanding regional economy. Predictions for 2019 include a continuing trend toward a more balanced market with home prices continuing to rise, but at a more moderate rate, with cautious buyers and activity moving from urban center’s higher prices to lower priced areas.

At month end, there were 1,728 active listings in the MLS database, 458 less than November’s 2,186 inventory, and 15% more than 1,500 homes and condos listed a year ago. MLS brokers added 680 new listings to inventory during December, 356 (34%) less than last month, and 192 less than last December.

Pierce County MLS members reported 1,134 closed sales during December. This is 6% lower than last month’s 1,207closed sales, and 222 (16%) less than 1,356 completed transactions in December a year ago.

The median price for December’s closed sales of single family homes and condominiums (combined) was $339,838. This is up 8% from the December 2017 figure of $314,995. The average time on market for properties that sold was 47 days, compared to 39 days last month and 45 days this month last year. Pierce County has a 1.5 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

Signs of the upcoming holiday/winter season were evident in October with fewer new listings than we’ve seen since February. The trend toward a more balanced market encouraged buyers, shown in increased pending and closed sales over the previous month, although still not as high a volume as we had last October. Increased average days on market and slowing price increases are additional signs that things are starting to shift.

At month end, there were 2,474 active listings in the MLS database, 268 less than September’s 2,742 inventory, and 12.3% more than 2,204 homes and condos listed a year ago. MLS brokers added 1,407 new listings to inventory during October, 150 (9.6%) less than last month, and 34 less than the same month a year ago.

Pierce County MLS members reported 1,427 closed sales during October. This is 4.4% higher than last month’s 1,367 closed sales, and 119 (7.7%) less than 1,546 completed transactions in October a year ago.

The median price for October’s closed sales of single family homes and condominiums (combined) was $331,000. This is up 7% from the October 2017 figure of $309,000. The average time on market for properties that sold was 37 days, compared to 32 days last month and 35 days this month last year. Pierce County has a 1.7 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

We are trending toward a more balanced market: House hunters have the largest supply of homes in two years. Houses are staying on the market a little longer, and prices aren’t rising as rapidly. Sellers need to be realistic in their pricing. Buyers should consider a move now while they have more home choices and can avoid continued home price and interest rate increases.

At month end, there were 2,742 active listings in the MLS database, 5 more than August’s 2,737 inventory, and 7.3% more than 2,556 homes and condos listed a year ago. MLS brokers added 1,557 new listings to inventory during September, 493 (24%) less than last month, and 112 less than the same month a year ago.

Pierce County MLS members reported 1,367 closed sales during September. This is a 15% drop from last month’s 1,610 closed sales, and 250 (15.5%) less than 1,617 completed transactions in September a year ago.

The median price for September’s closed sales of single family homes and condominiums (combined) was $345,000. This is up 9.5% from the September 2017 figure of $315,000. The average time on market for properties that sold was 32 days, compared to 27 days last month and 33 days this month last year. Pierce County has a 2 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

Inventory has been gradually increasing since February. There is now a 1.5 month supply of listings on the market, the highest it’s been since last September. These are signs of relief for buyers, but it will still be a long time before they are on a level playing field with sellers. Pierce County’s 13.8% year-over-year price increase this month was higher than King, Snohomish or Kitsap County. Buyers should consider a move now while they have more home choices and can avoid continued home price and interest rate increases.

At month end, there were 2,413 active listings in the MLS database, 186 more than June’s 2,227 inventory, but 3.4% less than 2,499 homes and condos listed a year ago. MLS brokers added 1,990 new listings to inventory during July, 92 (4%) less than last month, and 107 less than the same month a year ago.

Pierce County MLS members reported 1,605 closed sales during July. This is a 9% drop from last month’s 1,772 closed sales, and 30 less than 1,635 completed transactions in July a year ago.

The median price for July’s closed sales of single family homes and condominiums (combined) was $348,450. This is up 13.9% from the July 2017 figure of $306,000. The average time on market for properties that sold was 23 days, compared to 23 days last month and 26 days this month last year. Pierce County has a 1.5 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

In June, there was a drop in new listings added to the market, but there was a drop in pending sales too, so we ended the month with increased inventory. Year over year price comparisons show the appreciation rate slowed down too. These are welcome signs of a potential shift to a more balanced market. It’s a good time for buyers to act while they have more home choices and can avoid continued home price and interest rate increases.

At month end, there were 2,227 active listings in the MLS database, 298 more than May’s 1,929 inventory, and 4.3% less than 2,326 homes and condos listed a year ago. MLS brokers added 2,082 new listings to inventory during June, 298 (13%) less than last month, and 213 less than the same month a year ago.

Pierce County MLS members reported 1,772 closed sales during June. This is a 14% increase from last month’s 1,559 closed sales, and 58 more than 1,714 completed transactions in June a year ago.

The median price for June’s closed sales of single family homes and condominiums (combined) was $346,975. This is up 10.2% from the June 2017 figure of $315,000. The average time on market for properties that sold was 23 days, compared to 27 days last month and 30 days this month last year. Pierce County has a 1.26 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

There were more new listings added to the market in May than any month in the last 10 years, helping month end inventory to be higher than the previous year for the first time since 2014. This is a welcome sign of a potential shift to a more balanced market. It’s a good time for buyers to act and avoid continued home price and interest rate increases.

At month end, there were 1,929 active listings in the MLS database, 457 more than April’s 1,472 inventory, and 1.7% less than 1,897 homes and condos listed a year ago. MLS brokers added 2,380 new listings to inventory during May, 505 (27%) more than last month, and 145 more than the same month a year ago.

Pierce County MLS members reported 1,559 closed sales during May. This is a 16% increase from last month’s 1,343 closed sales, but 28 less than 1,587 completed transactions in May a year ago.

The median price for May’s closed sales of single family homes and condominiums (combined) was $350,000. This is up 16.7% from the May 2017 figure of $300,000. The average time on market for properties that sold was 27 days, compared to 35 days last month and 34 days this month last year. Pierce County has a 1.24 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

April brought us a slight uptick in inventory, but not enough to slow down prices that are still climbing at double-digit rates. It’s doubtful we’ll see improved affordability any time soon as demand continues to be strong, and interest rates gradually increase.

At month end, there were 1,472 active listings in the MLS database, 122 more than March’s 1,350 inventory, and 8% less than 1,604 homes and condos listed a year ago. MLS brokers added 1,875 new listings to inventory during April, 108 (6%) more than last month, and 113 more than the same month a year ago.

Pierce County MLS members reported 1,343 closed sales during April. This is a 2% decrease from last month’s 1,369 closed sales, and a 4% increase over the 1,289 completed transactions in April a year ago.

The median price for April’s closed sales of single family homes and condominiums (combined) was $337,950. This is up 16% from the April 2017 figure of $290,500. The average time on market for properties that sold was 35 days, compared to 43 days last month and 40 days this month last year. Pierce County has a 1.1 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

The spring market has sprung with a March surge in new listings and sales compared to February. Continued supply/demand pressures pushed us to unheard of stats for Pierce County that sound more like King County a year ago: Less than one month’s supply of inventory and an 18% year-over-year median price increase.

At month end, there were 1,350 active listings in the MLS database, 161 more than February’s 1,189 inventory, and 12% less than 1,533 homes and condos listed a year ago. MLS brokers added 1,767 new listings to inventory during March, 556 (46%) more than last month, but 48 less than the same month a year ago.

Pierce County MLS members reported 1,369 closed sales during March. This is a 30.5% increase from last month’s 1,049 closed sales, and almost equal to 1,361 completed transactions in March a year ago.

The median price for March’s closed sales of single family homes and condominiums (combined) was $342,500. This is up 18% from the March 2017 figure of $290,000. The average time on market for properties that sold was 43 days, compared to 47 days last month and 51 days this month last year. Pierce County has a .99 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

At month end, there were 1,189 active listings in the MLS database, 171 less than January’s 1,360 inventory, and 16% less than 1,416 homes and condos listed a year ago. MLS brokers added 1,211 new listings to inventory during February, 22 less than last month, and 6 less than the same month a year ago.

February’s 1,617 pending sales were 3% higher than January’s 1,570 mutually accepted offers, and almost even with 1,616 pending sales last February.

Pierce County MLS members reported 1,049 closed sales during February. This is a 5% increase from last month’s 998 closed sales, and a 6.5% increase from 985 completed transactions in February a year ago.

The median price for February’s closed sales of single family homes and condominiums (combined) was $320,000. This is up 16% from the February 2017 figure of $274,950. The average time on market for properties that sold was 47 days, compared to 47 days last month and 56 days this month last year. Pierce County has a 1.1 month supply of housing inventory on the market. (4-6 months is considered a balanced market.)

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